Types of Benefits
There are a number of different types of financial benefits associated with using solar to power your energy needs. Click on each one listed below to learn more details about their advantages.
Annual Over-Production Payments
Solar Renewable Energy Credits (SRECs)
Financial Illustration
Assumptions
When estimating the savings calculations of a solar system, certain assumptions are factored in, including:
- Your Utility Company
- Your Current Utility Rate (taken from the Power Bill provided)
- Your Annual Power Usage (from Power Bill)
- Your Annual Utility Price Increase Rate
Also taken into account is:
- Solar System Size, in kW (kilowatts)
- Total System Cost, in $
- Federal Tax Credit
- State Tax Incentive
- SREC Revenue
- Overproduction Revenue
Project Detail Example
In order to provide an illustration from a specific example, highlights from a solar system's payback analysis are highlighted below. For a detailed look at the numbers on the spreadsheet, please click here for a screenshot.
- Please note that the specific numbers for each proposal will vary depending on the above key inputs and assumptions and that the following is for illustration purposes only.
Solar System Payback Analysis
| System Cost | $24,491.08 |
| Net Cost after One Time Credits | $5,873.40 |
| Annual Credits | $3,070.85 |
| Net System Cost | $2,802.55 |
| System Payback: Years | 2.2 |
| Energy Use in kWh/mon. | 754 |
| System Production kWh/mon. | 986 |
| Percent of Energy from Solar | 131% |